Chariot Corporation (ASX:CC9) secures $1.6M to fast-track Nigerian lithium acquisition and expand dual-market strategy

Chariot Corporation (ASX:CC9) has announced a $1.6 million placement to support the acquisition and initial exploration of a high-potential lithium portfolio in Nigeria.

The portfolio comprises eight exploration licences and two small-scale mining licences across four distinct clusters and represents the country’s largest known lithium pegmatite holding.

The placement was backed by a broad mix of institutional and sophisticated investors, including long-term lithium-focused shareholders and strategic partners such as GBA Capital and Southern Cross Financial.

Proceeds from the raise will enable Chariot to settle the acquisition, maintain its expanded landholding, and commence systematic exploration across these historically active but underexplored assets.

Notably, the Nigerian licences have a track record of spodumene concentrate exports to Chinese customers between 2021 and 2024, offering a rare combination of near-term commercial potential and long-term resource upside.

The company will operate the joint venture through a 66.7 percent controlling interest and is positioned to fund all pre-development costs up to a US$50 million revenue threshold.

Managing Director Shanthar Pathmanathan addresses key investor questions regarding the acquisition, placement, and how this expansion complements Chariot’s broader U.S.-based lithium portfolio.

What makes this Nigerian lithium acquisition so compelling for Chariot and its shareholders?

This acquisition gives Chariot majority control of a large and geologically promising lithium portfolio in a region that has already demonstrated commercial export activity.

The licences host lithium-rich pegmatites across multiple clusters, with rock chip samples returning grades as high as 6.59 percent lithium oxide.

The region’s geology is analogous to Brazil’s Lithium Valley, formed during the same Pan-African orogeny and known to host large-scale LCT pegmatites.

Chariot’s interest is structured through a 66.7 percent stake in C&C Minerals, the Nigerian joint venture company, allowing us to act as operator and co-manager while fully funding early-stage development.

These assets offer a first-mover advantage in an underexplored lithium province with confirmed customer demand.

“These funds will enable us to aggressively advance exploration at the properties which exhibit visible spodumene at surface and have undergone some artisanal mining, but have never been drilled.”

How will the $1.6 million raised be deployed, and what are the immediate priorities?

The capital raised is being directed toward four key areas.

First, it will complete the settlement of the Nigerian acquisition, which involves upfront cash payments and share issuance.

Second, it supports licence maintenance and holding costs across a land position exceeding 250 square kilometres.

Third, a portion of the funds will be used to launch field-based exploration programs across the four project areas, including geological mapping, surface sampling and trenching.

Lastly, the capital will support general corporate and administrative obligations, including compliance and transaction-related costs.

These actions will allow Chariot to advance the assets quickly and efficiently, while maintaining momentum across its broader portfolio.

What type of investor support did Chariot receive in the placement, and what does that indicate about market confidence?

The placement was well supported across the board, attracting both existing and new investors aligned with the global lithium supply chain opportunity.

Strategic backing came from institutional groups, long-term holders and parties with a track record in resource sector investment.

“The placement was strongly supported by a mix of institutional, sophisticated, and professional investors, including existing shareholders and long-term lithium-focused backers.”

The inclusion of GBA Capital as lead manager, along with participation from Southern Cross Financial, reflects continued confidence in Chariot’s execution capability and growth outlook.

Does this placement impact your plans for the U.S. assets or shift your focus to Nigeria?

Not at all. Our U.S. assets remain a fundamental part of our strategy. Projects like Black Mountain in Wyoming and Resurgent in Oregon sit within globally significant lithium provinces and are actively progressing.

The Nigerian acquisition is additive, not dilutive, to our broader plans.

With the placement complete, we are now funded to pursue exploration in Nigeria without redirecting capital away from our U.S. operations.

Our aim is to build a balanced portfolio that taps into both the Chinese and U.S. battery supply chains, which remain the two largest and fastest-growing electric vehicle markets globally.

“Our U.S. assets remain a core part of Chariot’s overall portfolio and continue to be actively progressed.”

What is the significance of the historical spodumene exports from Nigeria, and how does it de-risk the project?

The export history is a strong validation of the ore quality and market interest.

Spodumene concentrate has already been extracted and sold from these licences, confirming that buyers are prepared to accept the material and that the logistics chain from mine to port is workable.

“The historical export of several thousand tonnes of spodumene concentrate from these licences between 2021 and 2024 is a very important part of the story.”

This context significantly reduces project risk, as we are not dealing with untested ground.

The ability to demonstrate prior production, even if artisanal, gives us a commercial pathway to build upon using modern exploration and development methods.

Looking Ahead: Strengthening Chariot’s Dual-Market Lithium Platform

With the successful completion of the $1.6 million placement, Chariot Corporation is well positioned to advance its newly acquired Nigerian lithium portfolio while continuing to progress its hard rock and claystone lithium projects in the United States.

The Nigerian assets provide exposure to near-term spodumene opportunities, supported by a history of export activity and proximity to established port and energy infrastructure.

At the same time, the company’s U.S. projects remain active and strategically aligned with domestic supply chain priorities.

This dual-market approach offers shareholders access to two of the world’s most critical growth regions for electric vehicle and battery materials.

As field activities commence in Nigeria and parallel programs continue across Chariot’s U.S. holdings, the company is focused on delivering long-term value through geographic diversification, asset quality, and disciplined execution.

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